ECB Governor Calls For Tax on Bitcoin

Ewald Nowotny call governments to regulate bitcoin, labelling the cryptocurrency an object of speculation and a tool for money laundering
03 January 2018   945

Ewald Nowotny, member of the European Central Bank ’s governing council, said in an interview with German paper Sueddeutsche Zeitung on Wednesday that governments should regulate and tax bitcoin, labelling the cryptocurrency an object of speculation and a tool for money laundering.

We need a value-added tax on bitcoin, since it's not a currency. It can't be allowed that we've just decided to stop printing 500-euro notes to fight money laundering, that we've slapped strict rules on every tiny savings club, and then have to watch people blithely laundering money around the globe with bitcoin. One ought to apply what the basic rule is in any other financial transaction: everyone involved should reveal their identity.

 

ECB governing council member

Ewald Nowotny

Nowotny's comments echo those by other ECB officials, who regard the bitcoin's spectacular surge in value as a bubble, rather than a sign it could be a digital competitor to the euro single currency used by its 19 member nations.

Recently, we have reported that the Bank of Israel is considering issuing digital currency in order to create a faster payments system as well as reducing the amount of cash in the economy.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   114

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.